Company Overview. 01 Company Information. 02 Chairman s Message. Board and Management Reports. 05 Directors Report. 60 Business Responsibility Report

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2 Contents Company Overview 01 Company Information 02 Chairman s Message Board and Management Reports 05 Directors Report 52 Management Discussion and Analysis Report 60 Business Responsibility Report 65 Corporate Governance Report Financial Statements 81 Consolidated Financials 174 Standalone Financials 243 Statement pursuant to Section 129(3) of the Companies Act, 2013 Forward-looking statement In this Annual Report, we have disclosed forward-looking information to enable investors to comprehend our prospects and take investment decisions. This report and other statements - written and oral - that we periodically make, contain forward-looking statements that set out anticipated results based on the management s plans and assumptions. We have tried wherever possible to identify such statements by using words such as anticipate, estimate, expects, projects, intends, plans, believes and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should keep this in mind. We undertake no obligation to publicly update any forward looking statements, whether as a result of new information, future events or otherwise. Company s land bank and Company s project means the consolidated land bank and project of the Company as consolidated entity alongwith all its subsidiaries.

3 Company Information Board of Directors Mr. Sameer Gehlaut (DIN: ) Mr. Narendra Gehlaut (DIN: ) Mr. Gurbans Singh (DIN: ) Mr. Vishal Gaurishankar Damani (DIN: ) Mr. Ashok Brijmohan Kacker (DIN: ) Justice Mr. Bisheshwar Prasad Singh (Retd.) (DIN: ) Justice Mrs. Gyan Sudha Misra (Retd.) (DIN: ) Mr. Shamsher Singh Ahlawat (DIN: ) Mr. Aishwarya Katoch (DIN: ) Brig. Labh Singh Sitara (Retd.) (DIN: ) Company Secretary Mr. Ravi Telkar Chief Financial Officer Mr. Anil Mittal Registered Office M - 62 & 63, First Floor, Connaught Place, New Delhi , INDIA Website: Tel: , Fax: helpdesk@indiabulls.com CIN: L45101DL2006PLC Corporate Offices (1) Indiabulls House, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road, Mumbai Maharashtra (2) Indiabulls House, , Udyog Vihar, Phase V, Gurugram , Haryana Statutory Auditors Walker Chandiok & Co. LLP (a member of Grant Thornton International) Chartered Accountants Internal Auditors MRKS & Associates Chartered Accountants Secretarial Auditors S. Khandelwal & Co. Company Secretaries Registrar and Share Transfer Agent Karvy Computershare Private Limited Karvy Selenium, Tower B, Plot No , Gachibowli, Financial District, Nanakramguda, Hyderabad Bankers Andhra Bank Axis Bank Limited Bank of Baroda Bank of India Bank of Maharashtra Central Bank of India Corporation Bank HDFC Bank Limited ICICI Bank Limited IDBI Bank Limited IDFC Bank Limited IndusInd Bank Limited Laxmi Vilas Bank Oriental Bank of Commerce RBL Bank Limited State Bank of India Syndicate Bank Tamilnad Mercantile Bank Limited Vijaya Bank Yes Bank Limited 1

4 CHAIRMAN'S MESSAGE Dear Shareholders, India continues to hold its position as the world s fastest growing G-20 economy, on the back of improved investor confidence and better policy reforms. It looks set to be a bumper year for India in 2017 when it comes to real estate and the economy as a whole. The nation has shot to the top of the list of preferred destinations for real-estate investment in the eyes of major institutional investors. It is also the fastest-growing major economy, set for growth of 7.0% next year after this year s projected 7.2%, according to estimates available. That s ahead of China s 6.7% growth by almost a full percentage. And it is greater domestic consumption that is driving India s improvement, implying a growing middle class desiring to own a house of their own, consistent with their financial status and aspirational life style. The growth of real estate sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations. Regulatory framework - key reforms GST: Last year, in my speech, I had alluded to the fact that Goods and Services Tax (GST), which was in the works at that time, was expected to benefit the real estate industry, though the impact will depend on Mr. Sameer Gehlaut Founder & Chairman the final GST rate. I must confess that at 12%, the GST rate is a bit of a dampener for the real estate sector. However, it s expected to significantly benefit the low cost housing as developers would see lesser burden of tax on input items like cement and steel, as tax credits would be available for set off at various stages. This can lead to lower construction costs for developers across all asset classes, which could likely be passed on to property buyers. Demonetization: The recent demonetization initiative to render higher-valuation notes worthless is designed to drive cash from the grey economy into the mainstream. That is likely to slow down the growth temporarily, but in the long run, driving black money into the real economy is likely another long-run driver of growth. RERA: Throughout 2017, the number of new residential project launches was lower than units sold. With all states staring at the approaching deadline to implement their versions of the Real Estate Regulation & Development Act (RERA), most of them will definitely fall in line. This landmark law will enforce hitherto unprecedented transparency and accountability requirements for developers into the system, and do a lot to increase consumer confidence. Outlook Thanks to changes in its regulatory framework, India is now way more attractive to both global and Indian investors. Increased consolidation and transparency - and the launch of REITs (Real Estate Investment Trusts) this year - will further whet their appetites for getting a piece of the Indian real estate pie. Keeping in mind the factors like rising income level of people, people of all age group interested in Real Estate as an investment, predicted growth in the manufacturing and the service sectors, affordable housing taking pace etc., we at Indiabulls believe that the year of 2018 will revive the lost confidence and have a positive impact on the business environment of Real Estate. With the lowering down of the rentals and the increased foreign investments in India, we are already witnessing a hike in interest in commercial spaces in With the government taking initiatives to re-build the trust in the consumers mind and ensuring that their investments are not misused, the Real Estate (Regulation & Development) Act, will ensure that the developers avoid delays in the completion of the projects and may focus on the completion of the on-going projects before launching new ones. We can also expect to see a shift in the Real Estate sector on the backdrop of technological advancement. Technology is pushing change in space use, locations and demand levels at an accelerated pace. But it is now the norm to anticipate, strategize and respond to new technologies before they are in mainstream. I am happy today that your Company is ahead of the curve in embracing in new technology. 2

5 CHAIRMAN'S MESSAGE (Contd.) Performance overview Given the overall slowdown in the sector for the last couple of years, your company too has not remained totally insulated from the current sentiment in the real estate market, but still braving the indifference surrounding the sector, and unnerved by the slowdown, we are aiming high with a perfect blend of caution, diligence and evaluation of all the potential opportunities. We have maintained our focus on speedy execution, maintaining a moderate level of debt, and keeping costs under control. Key highlights: sustaining growth The current economic environment is extremely challenging; competitive intensity remains high and is likely to increase. However, we remain committed to drive the business towards delivering consistent, competitive, profitable and responsible growth. I am happy to share some of the key highlights as follows: Profit after Tax (PAT) ` 397 Crores in FY-17 vs. ` 296 Crores in FY-16 Earnings per share (EPS) increased to ` 8.66 in FY-17 vs. EPS of ` 7.26 in FY-16. Maintained Credit rating of AA-, highest amongst its real estate developer peers Gross Development Value of ongoing and planned projects is ` 34,916 (last year was ` 34,566 Crores) at the end of FY-17. With new project launches planned in the current year, the outlook for the ensuing year looks much brighter. Land Bank: key to future profitability The Company through acquisitions and Government allotments has established a sizeable land bank in preferred locations at competitive prices. The Company has fully paid land bank of 1,046 acres in key cities across India, of which more than 95% of the Land Bank is in high value super-metro cities Mumbai (MMR), National Capital Region (NCR) and Chennai, and which is sufficient for proposed development over the next 5-7 years. In addition to the said land bank of 1,046 acres, the Company also possesses 2,588 acres of SEZ land in Nashik, Maharashtra. Ongoing projects gained momentum Undeterred by the current slowdown, your company has been steadily expanding its presence in Tier I and Tier II cities. Presently, your company is developing both residential and commercial projects mainly concentrating in metros and Tier I cities. Company's ongoing projects have 39.2 million square feet saleable area with a gross development value of approximately ` 34,916 Cr. Each project bears a stamp of thoughtful solutions, highest quality and an optimum mix of different categories and is a testimony of Company's diversified portfolio across price segments. During the year under review, our various existing projects gained momentum, while we deferred any new launches given the tepid market conditions. Sky Our first high end luxury housing development in the South central Mumbai (Lower Parel) has received Occupation certificate, and its handover has been almost completed with customers starting to move in. Panvel Greens - first large-scale residential development to get Occupation Certificate from CIDCO-NAINA. Almost entire Phase 1 of our integrated housing project at Panvel, called Indiabulls Greens has been sold out, with very little inventory left out of the existing stock. Handover of first six towers has commenced. Golf, Savroli - positioned as a weekend second home for the life style oriented, is also generating enthusiastic response. With civil construction almost over for most buildings in phase 1, we have applied for partial OC for first 16 buildings. Blu Estate & Club - the most sought after project in Mumbai, is creating new benchmark in the city. A very highend sales lounge and a show flat have been built at the site, which reflect the experience buyers will enjoy on possession. With the acquisition of 1.93 acres land parcel next to the project, the project has now got direct access from Dr E Moses road, adjacent to Four Seasons hotel. With civil construction in nearing completion,delivery to begin from FY

6 CHAIRMAN'S MESSAGE (Contd.) Chennai Greens - our flagship project down south, is an integrated township of over 50 acres. While Phase 1 of the project was delivered in May 2013, the long awaited CMDA approval for 2.5 FSI was received last year. This would permit the Company to construct the 19 story towers in Phase 2 of the project. We hope to start delivery of Phase 2 from early next year and complete by Gurugram projects - emphasis placed on execution during the previous financial year was continued this year also, and we have applied for Part Occupation Certificate of completed towers of Centrum Park and Enigma projects. Construction of One Indiabulls (Retail & Office space) project in Sector 109, Gurugram and Mint project in Sector 104, Gurugram is proceeding on schedule. Dwarka Expressway having been designated 'National Highway' by NHAI, will be an impetus for the Gurugram projects. Central London -Besides the above, your Company also soft launched the 22, Hanover Square, London, a unique luxury & residential project with total saleable area of 0.10 million sqft with gross development value of approx. ` 5,200 Cr. The Company has already booked sales worth ` 140 crore in the project in Q1 of Our commitment and belief It's testament to our commitment to your Company's long term future, and my strong conviction in its intrinsic strength and growth story that your Company has, through one of its subsidiaries, has acquired the entire stake in 'India Land and Properties Ltd' for ` 685 crore, thereby owning a commercial complex of 3 towers with a total constructed area of 2.67 million sqft and leasable area of about 2 million sqft spread over 8.84 acres in Chennai. This project, designed in compliance with National Building Codes by internationally acclaimed Ms Zaha Hadid, UK, will provide further heft to our commercial and leasing portfolio. This will provide a significant fillip to our 'Commercial and leasing' portfolio. Before I conclude, I wish to place on record the sincere dedication and hard work of our employees, which has enabled your Company to hold its head high even in these challenging times. I am also grateful to our bankers, business associates and shareholders for their support and cooperation. Thank you! Sameer Gehlaut Founder & Chairman 4

7 DIRECTORS REPORT Dear Shareholders, Your Directors have pleasure in presenting the Eleventh Annual Report together with the audited statement of accounts of the Company for the financial year ended March 31, Financial Results The highlights of the standalone financial results of the Company, for the financial year ended March 31, 2017, are as under: Amount (` in Lakhs) Particulars Year ended Year ended March 31, 2017 March 31, 2016 Profit before Depreciation / Amortisation 1, , Less: Depreciation / Amortisation Profit before Tax 1, , Less: Provision for Tax (44.12) Profit after Tax 1, , The highlights of the consolidated financial results of the Company, for the financial year ended March 31, 2017, are as under: Amount (` in Lakhs) Particulars Year ended Year ended March 31, 2017 March 31, 2016 Profit before Depreciation / Amortisation 60, , Less: Depreciation / Amortisation 7, Profit before Tax 53, , Less: Provision for Tax 18, , Profit after Tax before share of Profit / (Loss) from associates and Non controlling interest 35, , Share of Profit / (Loss) from associates (114.09) Non controlling interest (4,021.77) 2, Net Profit for the year 39, , REVIEW OF OPERATIONS & BUSINESS UPDATE: Key Financial Highlights (consolidated): Increase of around 13.0% in EBITDA - Total EBITDA in FY '17 increased to ` 1,169.3 crores as against the EBITDA of ` 1,034.9 crores in FY '16. Increase of around 15.7% in PBT - Total Profit Before Tax (PBT) in FY '17 increased to ` crores as against the PBT of ` crores in FY '16. Increase of around 34.1% in PAT after minority interest - Total Profit After Tax and minority interest (PAT) in FY '17 increased to ` crores as against the PAT of ` crores in FY '16 Increase of around 19.3% in EPS Earnings per share (EPS) in FY '17 increased to ` 8.66 as against the EPS of ` 7.26 in FY '16. CREDIT RATING: The Company has maintained its long term credit rating of AA-, amongst the highest rated listed companies in the Indian real estate industry peer group. The Company has also retained A1+ rating for its short-term debt, which is the highest rating that can be assigned for short-term debt. With this the Company enjoys ease and most favorable terms 5

8 DIRECTORS REPORT (Contd.) on the loans/facilities being availed from the Banks/Financial Institutions. The ratings are the manifestation of the Company's strong fundamentals, low gearing and execution track record and mirror its long term growth prospects. BUSINESS OVERVIEW (consolidated) Indiabulls Real Estate Limited is one of the largest real estate companies in India with Net worth of ` 5,480 crores, with a well-diversified presence in both commercial and residential real estate development and has projects across the price spectrum, from mid-income, premium to the super luxury space. Geographically, the Company's strategic focus is in key markets of Mumbai Metropolitan Region (MMR), National Capital Region (NCR) in India. In addition, all our projects benefit from surrounding infrastructure developments like the Mumbai Metros, Dwarka Expressway, Trans-harbour sea link, Navi Mumbai International Airport, etc. RENTAL PROPERTY PORTFOLIO HIGHLIGHTS One of the largest city-centre commercial portfolio in the financial capital of India aggregating to 4.89 million sq. ft. Unique tenant base with 200+ marquee tenants generating ` 692 Cr Annuity revenue. Substantial embedded growth through: Other 4 office developments currently under progress reaching to ` 1,357 Cr Annuity revenue. Meaningful rent reversions given a sizeable area are currently under-rented. Standard contractual escalations. Property Leasable Area Projected Annuity (Mn. sq. ft.) Revenue in FY (` cr) Completed Properties Indiabulls Finance Centre and One Indiabulls Centre, Mumbai One Indiabulls Park, Chennai Total Properties under construction & in Planning/Approval Process Indiabulls commercial development at Indiabulls Finance Centre site at Mumbai Indiabulls commercial development at Blu site at Mumbai Indiabulls Mint, Sector 104, Gurugram Indiabulls commercial development at Sector 106, Gurugram Total Grand Total ,357 Residential Property Portfolio Highlights 15 ongoing projects with total Saleable area of million sq. ft. with Gross Development Value ` 32,189 Cr. 53.7% of the Inventory aggregating to ` 15,479 Cr sold. Handover started for 4 projects, and additional 5 projects to start within the next 4 to 5 quarters. 6

9 DIRECTORS REPORT (Contd.) Project Location Area Gross (Mn. sq. ft.) Development Value (` Cr) Blu Estate & Club, Worli Mumbai ,866 Indiabulls Greens, Panvel Mumbai ,423 Indiabulls Golf City, Savroli Mumbai ,229 Centrum Park, Gurugram NCR Enigma, Gurugram NCR ,116 Indiabulls Greens, Chennai Chennai Indiabulls City, Sonepat NCR One Indiabulls, Gurugram NCR ,744 One Indiabulls, Vadodara Vadodara Indiabulls One 09 Gurugram Mega Mall, Jodhpur Jodhpur Indiabulls Seirra, Vizag Vizag One Indiabulls Thane Mumbai ,616 Sky Forest Mumbai ,827 Hanover Bond, Mayfair London ,805 Total ,189 Impetus to Gurugram Projects - NHAI has recently granted a National Highway Status to the Northern Peripheral Road (Dwarka Expressway). It is a major growth impetus for projects along the arterial road. It will serve as a major alternate route between Delhi and Gurugram. For almost entire portfolio of under construction projects, key approvals (including municipal and land development) are already in place and all residential projects are RERA registered and compliant. Land Bank key to future profitability The company has fully paid land bank of 1,046 acres in key cities across India, of which more than 95% of the Land Bank is in high value super-metro cities Mumbai (MMR), National Capital Region (NCR) and Chennai, and which is sufficient for proposed development over the next 5-7 years. In addition to the said land bank of 1,046 acres, the Company also possesses 2,588 acres of SEZ land in Nashik, Maharashtra. SIGNIFICANT EVENTS DURING FINANCIAL YEAR Acquisition of units of Indiabulls Properties Investment Trust, a SGX-ST listed business trust ( IPIT ) Company s holding (through its subsidiaries) in IPIT has increased from 47.51% to 54.95% pursuant to acquisition of additional units by Grapene Limited, an indirect wholly-owned subsidiary of the Company. Joint Development Agreement The Company, through one of its subsidiary, had entered into a Joint Development Agreement with Oricon Properties Pvt. Ltd, a subsidiary of Oricon Enterprises Limited, for development of 7,810 sq. mtrs. plot situated at Dr. E. Moses Road, Worli, Mumbai , adjoining to its marque project BLU. Buy-back of equity shares of the Company During the period from December 14, 2016 to April 10, 2017, the Company, pursuant to it Board authorization and applicable SEBI Regulations, had bought back an aggregate 3,40,46,000 equity shares, from the Exchanges, for an aggregate value of ` Cr (against the maximum buy-back size of ` 540 Cr) at an average price of ` per equity share (against the maximum buy-back price of ` 90 per equity share). 7

10 DIRECTORS REPORT (Contd.) Receipt of refund from DDA and acquisition of entire stake of JV partner in Indiabulls Infrastructure Limited (IIL) The Company acquired FIM s entire stake of approx. 74% in IIL, for ` 382 crores, making IIL a wholly owned subsidiary of the Company. Kenneth Builders & Developers Pvt Ltd, a wholly owned subsidiary of IIL,was refunded ` 701 crores, net of TDS, (being the auction price, along with interest, of the land situated at Village Tehkhand, New Delhi, earlier allotted by DDA for development of residential project). Acquisition of India Land and Properties Limited Indiabulls Infrastructure Limited, a wholly owned subsidiary of the Company, acquired the entire stake in India Land and Properties Limited ( ILPL ), for an aggregate consideration of ` 685 crores, making ILPL a wholly owned subsidiary of the Company. ILPL owns a commercial complex of 3 towers with a total constructed area of 2.67 million Sq. ft. and leasable area of 1.94 million Sq. ft., spread over a total land area of over 8.84 acres situated at No. 14, 3rd Main Road, Ambattur Industrial Estate, Ambattur, Chennai. Some of the lessees of these towers are Royal Bank of Scotland, Yes Bank, Kone, Ajuba, Covenant, MSC service centre, HGS, Access Healthcare and others. The said complex has been designed in compliance to the National Building Codes by the internationally acclaimed Ms. ZAHA HADID, UK, Laureate Pritzker Prize Winner (2004) and its a GOLD rated GREEN Building. MATERIAL EVENTS AND CHANGES, SUBSEQUENT TO FINANCIAL YEAR Acquisition of minority stake in Indiabulls Infraestate Limited The Company acquired the entire minority stake of 10.08% in Indiabulls Infraestate Limited (IIL), a majority owned material subsidiary of the Company, from ILFS Fund entities, namely IIRF India Realty XXI Limited, Little Fairy Limited and Vistra ITCL (India) Limited, its minority investors, at an aggregate cash consideration of ` Cr, including interest of ` Cr., thereby making IIL a wholly owned subsidiary of the Company. IIL is developing a premium integrated marque residential project named Indiabulls Blu in Worli, Mumbai, comprising of 4 residential towers and additionally 2 office towers in the non-residential area. Sale of treasury shares by IBREL IBL Scheme Trust The Company had realized ` Cr through sale of its 3.3 Cr equity shares, held by IBREL IBL Scheme Trust, of which the Company is the sole beneficiary. The proceeds are to be utilized for meeting Company s funding requirements for its ongoing businesses and general corporate purposes. DIVIDEND In view of the requirements of funds for ongoing projects and other corporate business requirements of the Company, the Board of Directors of the Company has not recommended any dividend for financial year In compliance with requirements stipulated vide SEBI notification no. SEBI/ LAD-NRO/GN/ /008 dated July 8, 2016, the Dividend Distribution Policy of the Company is available on the website of the Company i.e. DIRECTORS AND KEY MANAGERIAL PERSONNEL In accordance with the provisions of the Companies Act, 2013, and in terms of the Memorandum and Articles of Association of the Company, Mr. Gurbans Singh (DIN: ) and Mr. Vishal Gaurishankar Damani (DIN: ), director(s) designated as Joint Managing Director(s), retire by rotation at the ensuing Annual General Meeting of the Company, and being eligible offer themselves for reappointment. Mr. Ashok Brijmohan Kacker (DIN: ), nonexecutive director of the Company, has, in view of his other pre-occupations, opted not to propose his candidature for re-appointment as director on the Board, at ensuing Annual General Meeting of the Company. During the financial year , the two year term of Justice (Retd.) Surinder Singh Nijjar and Mrs. Rama Das, as Independent Directors of the Company, came to an end on September 28, The Board places on record its appreciation for the contributions made by Justice Nijjar and Mrs. Das, during their tenure as Independent Directors of the Company. Members of the Company at their 10th Annual General Meeting appointed Justice Mrs. Gyan Sudha Misra (Retd. Justice Supreme Court of India) (DIN: ) as an Independent Director of the Company, for a period of 2 (two) years w.e.f. September 29,

11 DIRECTORS REPORT (Contd.) All the Independent Directors of the Company have given confirmation that they meet the criteria of independence laid down under Section 149(6) of the Companies Act, The present composition of the Board, along with the brief resume of the Directors retiring by rotation, nature of their expertise in specific functional areas and names of companies in which they hold directorships and memberships/ chairmanships of Board Committees, are provided in the Report on Corporate Governance forming part of this Annual Report. SHARE CAPITAL / STOCK OPTIONS The paid-up share capital of the Company as of March 31, 2017, was ` 95,68,28,678/- comprising of 47,84,14,339 equity shares of ` 2/- each. During the current year, consequent to the extinguishment of 57,96,000 equity shares on 14 th April 2017, bought back by the Company under its Buy-back offer, the paid-up equity share capital of the Company, reduced to ` 94,52,36,678/- divided into 47,26,18,339 equity shares of face value ` 2/- each. Subsequently, consequent to the allotment of an aggregate 20,55,800 equity shares of face value ` 2/- each on May 8, 2017, against exercise of stock options under various ESOP Schemes of the Company, the paid up equity share capital of the Company stands increased to ` 94,93,48,278/- divided into 47,46,74,139 equity shares of ` 2/- each. The disclosures required to be made in compliance with the applicable regulations are set out in the Annexure-B to this Report and have been placed on the website of the Company PUBLIC DEPOSITS During the year under review, the Company has not accepted any deposits from the public, falling within the ambit of Chapter V of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, LISTING WITH STOCK EXCHANGES The Equity Shares (ISIN No.: INE 069 I01010) of the Company, continue to remain listed at BSE Limited and National Stock Exchange of India Limited. The listing fees payable to both the exchanges for the financial year have been paid. The GDRs issued by the Company continue to remain listed on Luxembourg Stock Exchange. AUDITORS (a) Statutory Auditors M/s Walker Chandiok & Co. LLP (Firm Regn. No N/N500013), a member of Grant Thornton International, the statutory auditors of the Company were appointed by the members in their Eighth Annual General Meeting, held on 29 th September 2014, for a period of five years i.e. until the conclusion of the thirteenth Annual General Meeting of the Company. The Company has received a certificate from the Auditors to the effect, that their continuation as such from the conclusion of this Annual General Meeting until the conclusion of twelfth annual general meeting, is in accordance with the provisions of Section 141(3)(g) of the Companies Act, The Board recommends the ratification of the appointment of M/s Walker Chandiok & Co. LLP, as statutory auditors of the Company till the conclusion of twelfth annual general meeting of the Company. The Auditors Report is self explanatory and therefore do not call for any further explanation. (b) Secretarial Auditors & Secretarial Audit Report Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the rules made thereunder, the Company had appointed M/s S. Khandelwal & Co., a firm of Company Secretaries in practice as its Secretarial Auditors, to conduct the secretarial audit of the Company, for the Financial Year The Company has provided all assistance, facilities, documents, records and clarifications etc. to the Secretarial Auditors for conducting their audit. The Report of Secretarial Auditors for the Financial Year , is annexed as Annexure 1 and forms part of this Report. The Report is self explanatory and therefore do not call for any further explanation. CORPORATE SOCIAL RESPONSIBILITY As part of its initiatives under Corporate Social Responsibility (CSR), the Company has undertaken projects in the areas of Sanitation, as per its CSR Policy (available on your Company s website 9

12 DIRECTORS REPORT (Contd.) and the details are contained in the Annual Report on CSR Activities given in Annexure 2, forming part of this Report. These projects are in accordance with Schedule VII of the Companies Act, 2013, read with the relevant Rules. MANAGEMENT DISCUSSION AND ANALYSIS REPORT Pursuant to Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ( SEBI LODR Regulations ) with the Stock Exchanges, Management s Discussion and Analysis Report, for the year under review, is presented in a separate section forming part of this Annual Report. CORPORATE GOVERNANCE REPORT Pursuant to Regulation 24 of the SEBI LODR Regulations with the Stock Exchanges, a separate section on Corporate Governance Practices followed by the Company, together with a certificate from a practicing Company Secretary confirming compliance, is presented in a separate section forming part of this Annual Report. BUSINESS RESPONSIBILITY REPORT Pursuant to Regulation 34 of the SEBI LODR Regulations mandates inclusion of the Business Responsibility Report (BRR) as part of the Annual Report for top 500 listed entities based on market capitalization. In compliance with the regulation, we have provided the BRR as part of this Annual Report. DIRECTORS RESPONSIBILITY STATEMENT To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134 of the Companies Act, 2013: a) that in the preparation of the annual financial statements for the year ended March 31, 2017, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any; b) that such accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at March 31, 2017 and the profit and loss of the company for the year ended on that date; c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d) that the annual financial statements have been prepared on a going concern basis; e) that proper internal financial controls were in place and that such financial controls were adequate and were operating effectively; and f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively. INFORMATION PURSUANT TO SECTION 134 AND SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH THE RELEVANT RULES AND SEBI LODR REGULATIONS The information required to be disclosed pursuant to Section 134 and Section 197 of the Companies Act, 2013, read with the relevant Rules (to the extent applicable) and SEBI LODR Regulations, not elsewhere mentioned in this Report, are given in Annexure -A forming part of this Report. GREEN INITIATIVES Electronic copies of the Annual Report 2017 and Notice of the 11 th AGM are being sent to all the members whose addresses are registered with the Company / Depository Participant(s). For members who have not registered their addresses or have submitted requests with the Company, physical copies of the Annual Report 2017 and Notice of the 11 th AGM are being sent in the permitted mode. The Company is providing e-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in the Notice of the 11 th AGM. This is pursuant to section 108 of the Companies Act, 2013,read with applicable Rules and in accordance with the SEBI LODR Regulations. The instructions for e-voting are provided in the AGM Notice. 10

13 DIRECTORS REPORT (Contd.) ACKNOWLEDGEMENT Your Company has been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all functional areas and the efficient utilization of all its resources for sustainable and profitable growth. Your Directors wish to place on record their appreciation of the contributions made and committed services rendered by the employees of the Company at various levels. Your Directors also wish to express their gratitude for the continuous assistance and support received from the investors, clients, bankers, regulatory and government authorities, during the year. For and on behalf of the Board of Directors Place: Mumbai Date: July 24, 2017 Gurbans Singh Vishal Gaurishankar Damani Joint Managing Director Joint Managing Director (DIN: ) (DIN: ) 11

14 DIRECTORS REPORT (Contd.) ANNEXURE-A ANNEXURE FORMING PART OF THE DIRECTORS REPORT EXTRACT OF ANNUAL RETURN The details forming part of extract of Annual Return, as on the financial year ended March 31, 2017, pursuant to Section 92 (3) of the Companies Act, 2013, in form MGT-9, are given in Annexure 3 forming part of this Report. BOARD MEETINGS During the FY , 5 (Five) Board Meetings were convened and held. The details of such meetings are given in Corporate Governance Report forming part of this Annual Report. The intervening gap between these meetings was within the period prescribed under the Companies Act, 2013 and other applicable provisions. The notice and agenda including all material information and minimum information required to be made available to the Board under SEBI LODR Regulations, were circulated to all directors, well within the prescribed time, before the meeting or placed at the meeting. During the year, separate meeting of the Independent Directors was held on January 25, 2017, without the presence of Non-Independent Directors and the members of the Company Management. BOARD EVALUATION Pursuant to the applicable provisions of the Companies Act, 2013 and SEBI LODR Regulations, the Board has carried out an evaluation of its performance, and of the directors individually, as well as the working of its Audit Committee, Nomination & Remuneration Committee and Stakeholders Relationship Committee. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report forming part of this Annual Report. REMUNERATION POLICY The Board has framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report forming part of this Annual Report. LOANS, GUARANTEES OR INVESTMENTS During the FY , in terms of the provisions of Section 186 (1) of the Companies Act, 2013, the Company did not make any investments through more than two layers of investment companies. Further, the Company, being a company engaged in real estate development, loans given, guarantees provided and investments made by it, were not covered under the provisions of Section 186 of the Companies Act, RELATED PARTY TRANSACTIONS All the related party transactions, entered into by the Company, during the financial year, were in its ordinary course of business and on an arm s length basis. Details of the related party transactions are disclosed in the annual report and financial statements of the Company. There are no materially significant related party transactions, which may have potential conflict with the interest of the Company at large. None of the transactions with related parties fall under the scope of Section 188(1) of the Act and hence the information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014, required to be given in the prescribed form AOC 2 are not applicable. The Policy on materiality of Related Party Transactions and also on dealing with such transactions is available on the website of the Company ( TRANSFER TO RESERVES In compliance with regulations, as applicable to Buyback of equity shares by the Company during FY , the Company has transferred ` Lakhs to Capital Redemption Reserve. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY The Company has an elaborate system of internal controls commensurate with its size, scale and operations, which also covers financial controls, financial reporting, fraud control, compliance with applicable laws and regulations etc. Regular internal audits are conducted to check and to ensure that responsibilities are discharged effectively. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its compliance with regulatory directives, efficacy of its operating systems, adherence to the accounting procedures and policies of the Company and its subsidiaries. Wherever required, the internal audit efforts are supplemented by audits conducted by specialized consultants/audit firms. All financial and audit control systems are also reviewed by the Audit Committee of the Board of Directors of the Company. 12

15 DIRECTORS REPORT (Contd.) MATERIAL CHANGES AND COMMITMENTS Other than those disclosed in this report, there are no material changes and commitments, affecting the financial position of the Company, which has occurred between the end of the Financial Year of the Company i.e. March 31, 2017 and the date of this Report. Further, no significant and material orders were passed by the regulators or courts or tribunals, impacting the going concern status and Company s operations in future. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The information on conservation of energy, technology absorption and foreign exchange earnings and outgo, is as under: A. Conservation of Energy The Company operations do not account for substantial energy consumption. However, the Company is taking all possible measures to conserve energy. As an ongoing process, the following measures are undertaken: a) Replacing all of its lighting system with LEDs, which is expected to slash related electricity consumption by over 50%. b) Installation of five star energy conservation air conditioning systems. c) Installation of automatic power controllers to save maximum demand charges and energy. d) Installation of TFT monitors that saves power. e) Periodic Training sessions for employees on ways to conserve energy in their individual roles. B. Technology Absorption The nature of business being carried out by the Company entails an extensive use of effective information technology so as to ensure that its services reach the end users i.e. its clients without any loss of time. The Company has implemented best of the class applications to manage and automate its business processes to achieve higher efficiency, data integrity and data security. It has helped it in implementing best business practices and shorter time to market new schemes, products and customer services. The Company s investment in technology has improved customer services, reduced operational costs and development of new business opportunities. C. Foreign Exchange Earnings and Outgo During the year under review, while there were no foreign exchange earnings, the foreign exchange outgo was ` Lacs, details of which are as under: Sl. No. Particulars Amount (`) 1 Legal Expenses 2,988,749 2 Professional & Consultancy Expenses 5,781,434 3 Travelling Expenses 215,075 4 Miscellaneous Expenses 138,432 TOTAL 9,123,690 BUSINESS RISK MANAGEMENT Pursuant to the applicable provisions of the Companies Act, 2013, the Company has formulated robust Business Risk Management framework to identify and evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on its business objectives and enhance its competitive advantage. It defines the risk management approach across the Company and its subsidiaries at various levels including the documentation and reporting. At present, the Company has not identified any element of risk which may threaten its existence. The requirement of constituting Risk Management Committee in terms of SEBI LODR Regulations is not applicable to the Company. PARTICULARS OF EMPLOYEES Pursuant to the applicable provisions of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures on Managerial Remuneration are provided in Annexure-4 forming part of this Report. In terms of the provisions of Section 136(1) of the Companies Act, 2013 read with the said Rules, the Directors Report is being sent to all the shareholders of the Company excluding the annexure on the names and other particulars of employees, required in accordance with Rule 5.2 of said rules, which is available for inspection by the members, subject to their specific written request, in advance, to the Company 13

16 DIRECTORS REPORT (Contd.) Secretary. The inspection is to be carried out at the Company s Registered Office or at its Corporate Office, at Gurugram, during business hours on working days of the Company up to date of ensuing Annual General Meeting. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS Independent Directors are familiarised with their roles, rights and responsibilities in the Company as well as with the nature of industry and business model of the Company through presentations about the Company s strategy, business model, product and service offerings, customers & shareholders profile, financial details, human resources, technology, facilities, internal controls and risk management, their roles, rights and responsibilities in the Company. The Board is also periodically briefed on the various changes, if any, in the regulations governing the conduct of non-executive directors including independent directors. The details of the familiarization programmes have been hosted on the website of the Company and can be accessed on the link: SUBSIDIARY COMPANIES Pursuant to Section 129 of the Companies Act, 2013, the Company has prepared its Consolidated Financial Statement along with all its subsidiaries, in the same form and manner, as that of the Company, which shall be laid before its ensuing 11 th Annual General Meeting along with its Standalone Financial Statement. The Consolidated Financial Statements of the Company along with its subsidiaries, for the year ended March 31, 2017, form part of the Annual Report. For the performance and financial position of each of the subsidiaries of the Company, along with other related information required pursuant to Rule 8(5)(iv) of the Companies (Accounts) Rules, 2014, the Members are requested to refer to the Consolidated and Standalone Financial Statements of the Company alongwith the Statement pursuant to Section 129(3) of the Companies Act, 2013, forming part of the Annual Report. Further pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries, are also available on the website of the Company. Shareholders may write to the Company for the annual financial statements and detailed information on subsidiary companies. Further, the documents shall also be available for inspection by the shareholders at the registered office of the Company. COMMITTEES OF THE BOARD In compliance with the relevant provisions of applicable laws and statutes, the Company has the following Board constituted committees: a) Audit Committee b) Nomination and Remuneration Committee c) Stakeholders Relationship Committee d) Corporate Social Responsibility Committee The details with respect to composition, power, role, terms of reference, etc. of each of these committees are given in the Corporate Governance Report forming part of this Annual Report. In addition, the Board has also constituted Compensation Committee for administration of stock options, Operations Committee and Management Committee, for dealing with various administrative and operational matters. NUMBER OF CASES FILED, IF ANY, AND THEIR DISPOSAL UNDER SECTION 22 OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 The Company has zero tolerance towards sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. During the financial year , no cases of sexual harassment were reported. VIGIL MECHANISM The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of its business operations. To maintain these standards, the Company has implemented the Whistle Blower Policy ( the Policy ), to provide an avenue for employees to report matters without the risk of subsequent victimization, discrimination or disadvantage. The Policy applies to all employees working for the Company and its subsidiaries. Pursuant to the Policy, the whistle blowers can raise concerns relating to matters such as breach of Company s Code of Conduct, fraud, bribery, corruption, employee misconduct, illegality, misappropriation of Company s funds / assets etc. A whistle-blowing or reporting mechanism, as set out in the Policy, invites all employees to act responsibly to uphold the reputation of the Company and its subsidiaries. The Policy aims to ensure that serious concerns are properly raised and addressed and are recognized as an enabling factor in administering good governance practices. The details of the Whistle Blower Policy are available on the website of the Company ( 14

17 ANNEXURE TO DIRECTORS REPORT Annexure-B to Directors Report Indiabulls Real Estate Limited Employee Stock Option Scheme As on March 31, 2017 Particulars a. Options Granted 9,000,000 b. Exercise price ` 60 c. Options vested 6,975,500 d. Options exercised 3,905,000 e. The total number of Shares arising as a result of exercise of option 3,905,000 f. Options lapsed 3,619,000 g. Variation in terms of options during the year Nil h. Money realized by exercise of options ` 234,300,000 i. Total number of options in force 1,476,000 j. Employee wise details of options granted during the year, to: i. Key Management Personnel Nil ii. any other employee who received a grant of option amounting to 5% or more of options granted during the year Nil iii. identified employees who were granted option, during Nil the year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant. Indiabulls Real Estate Limited Employees Stock Option Scheme 2008 (II) - As on March 31, 2017 Particulars a. Options Granted 2,000,000 b. Exercise price ` c. Options vested 947,000 d. Options exercised 128,500 e. The total number of Shares arising as a result of exercise of option 128,500 f. Options lapsed 1,465,500 g. Variation in terms of options during the year Nil h. Money realized by exercise of options ` 14,199,250 i. Total number of options in force 406,000 j. Employee wise details of options granted during the year, to: i. Key Management Personnel Nil ii. any other employee who received a grant of option amounting to 5% or more of options granted during the year Nil iii. identified employees who were granted option, during Nil the year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant. 15

18 ANNEXURE TO DIRECTORS REPORT (Contd.) Indiabulls Real Estate Limited Employees Stock Option Scheme As on March 31, 2017 Particulars a. Options Granted 10,500,000 b. Exercise price ` c. Options vested 1,923,000 d. Options exercised 1,015,600 e. The total number of Shares arising as a result of exercise of option 1,015,600 f. Options lapsed 885,000 g. Variation in terms of options during the year Nil h. Money realized by exercise of options ` 55,350,200 i. Total number of options in force 8,599,400 j. Employee wise details of options granted during the year, to: i. Key Management Personnel Nil ii. any other employee who received a grant of option amounting to 5% or more of options granted during the year Nil iii. identified employees who were granted option, during the Nil year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant. 16

19 ANNEXURE-1 SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED ON 31 ST MARCH, 2017 [Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014] To, The Members, Indiabulls Real Estate Limited M- 62 & 63, First Floor, Connaught Place, New Delhi Annexure-1 We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Indiabulls Real Estate Limited (hereinafter called the Company ). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon. Based on our verification of the Company s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2017 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance- mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: We have examined the books, papers, minute books, forms and returns filed and other records maintained by Indiabulls Real Estate Limited for the financial year ended on 31st March, 2017 according to the provisions of: i. The Companies Act, 2013 (the Act) and the rules made thereunder; ii. The Securities Contracts (Regulation) Act, 1956 ( SCRA ) and the rules made thereunder; iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; v. The Regulations prescribed under the Securities and Exchange Board of India Act, 1992 ( SEBI Act ) viz.: - a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009; d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014; e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company during the audit period); h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; and i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,

20 ANNEXURE-1 (Contd.) vi. and other applicable laws like: Housing Board Act, 1965 Transfer of Property Act, 1882 Building and Other Construction Workers (Regulation of Employment and Conditions of Services) Act, 1996 We have also examined compliance with the applicable clauses of the Secretarial Standards issued by The Institute of Company Secretaries of India w.r.t. meetings of the Board of Director (SS-1) and General Meetings (SS-2). During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above. We further report that The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors, Independent Directors and Woman Director. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act. Adequate notice is given to all directors to schedule the Board/Committee Meetings, agenda and detailed notes on agenda were sent at least seven days in advance. A system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. All decisions of the Board and Committees were carried with requisite majority. We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. Company has introduced compliance alert system for applicability of all applicable laws, rules, regulations and guidelines. We further Report that during the Audit period: (a) Company has issued on private placement basis, Secured, Redeemable, Non-Convertible Debentures aggregating to ` 325 Crores. (b) Pursuant to its Board authorization and applicable SEBI Regulations, the Company had bought back an aggregate 3,40,46,000 equity shares, through Stock Exchanges, for an aggregate value of ` Cr (against the maximum buy-back size of ` 540 Cr) at an average price of ` per equity share (against the maximum buy-back price of ` 90 per equity share) under its Buy-back offer, which commenced from December 14, 2016 and closed on April 10, For S. Khandelwal & Co. (Company Secretaries) Place: New Delhi Date: (Sanjay Khandelwal) FCS No.: 5945 C P No.: 6128 This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report. 18

21 ANNEXURE-1 (Contd.) Annexure A To, The Members, Indiabulls Real Estate Limited M- 62 & 63, First Floor, Connaught Place, New Delhi Our report of even date is to be read along with this letter. 1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit. 2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion. 3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. 4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc. 5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis. 6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company. 7. The maximum liability of our firm under the secretarial audit in respect of the aggregate of all claims shall not exceed the fee charged by us. For S. Khandelwal & Co. (Company Secretaries) Place: New Delhi Date: (Sanjay Khandelwal) FCS No.: 5945 C P No.:

22 ANNEXURE-2 ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILTY (CSR) ACTIVITIES A brief outline of the Company s CSR Policy, including overview of projects or programs, proposed to be undertaken and a reference to the web-link to the CSR Policy and projects or programs. The Company focuses its CSR efforts on such areas, where it could provide maximum benefits to the society at large. These are, improving awareness of communities towards education, health, nutrition, sanitation and rural development etc. The Company will continue to engage with stakeholders including experts, NGOs, professional bodies / forums and the government and would take up such CSR activities in line with the government s intent, which are important for the society at large. The Company may also undertake such other CSR projects, where societal needs are high or in special situations (natural disasters etc.) CSR Policy is stated herein below: Web-link: Composition of the CSR Committee Mr. Aishwarya Katoch, Chairman (Independent Director) Mr. Shamsher Singh Ahlawat, Member (Independent Director) Mr. Narendra Gehlaut, Member (Vice Chairman) Average Net Profit of the Company for last three financial years: ` 1, Lacs Prescribed CSR Expenditure (two percent of the amount as in item 3 above): ` Lacs Details of CSR spend for the financial year: Total amount spent for the financial year: ` Lacs Amount unspent, if any: Nil Manner in which the amount spent during the financial year is detailed below: (Figs. in `) Projects or Programs Amount Amount Cumulative Amount Sr. CSR project Sector in outlay Spent on Expenditure Spent Direct No. or activity which the (Budget) projects up to 31st or through identified project is projects or or programs March, 2017 implecovered District State programs- Sub Heads menting wise agency * 1 Distribution Sanitation Mumbai Maharashtra 2,520,000 Impleof Sanitary Thane menting Napkins Palghar Agency (KUMUD) Raigad (Indiabulls Foundation) *Indiabulls Foundation is a registered Trust established by the Company along with its group companies. In case the Company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof, the Company shall provide the reasons for not spending the amount in Board s report. During the financial year , the Company has contributed its entire CSR expenditure aggregating to ` Lacs to the corpus of Indiabulls Foundation, for undertaking CSR projects, on its behalf. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with the CSR objectives and Policy of the Company. The Company understands that for it to continue to prosper over the long term, the community, environment and society at large must also prosper. During the financial year , the implementation and monitoring of CSR Policy of the Company were environmental friendly and in compliance with the applicable laws, CSR objectives and Policy of the Company. For Indiabulls Real Estate Limited Place: New Delhi Narendra Gehlaut Aishwarya Katoch Date: June 30, 2017 Member (Vice-Chairman) Chairman CSR Committee (DIN: ) (DIN: ) 20

23 ANNEXURE-3 FORM NO. MGT-9 EXTRACT OF ANNUAL RETURN as on financial year ended on Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management & Administration) Rules, I. REGISTRATION & OTHER DETAILS: i CIN L45101DL2006PLC ii Registration Date 4 th April, 2006 iii Name of the Company INDIABULLS REAL ESTATE LIMITED iv Category/Sub-category of the Company Company Limited by Shares v Address of the Registered office M - 62 & 63, First Floor, Connaught Place, & contact details New Delhi Tel: , Fax: helpdesk@indiabulls.com vi Whether listed company Yes vii Name, Address & contact details of Karvy Computershare Private Limited Registrar & Transfer Agent, if any. Karvy Selenium, Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad , Phone Number: Fax: II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY: All the business activities contributing 10% or more of the total turnover of the company shall be stated Sl. Name & Description of main NIC Code of the % to total turnover No. products/services Product /service of the company 1 Development of Real estate projects % and allied activities III. PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES: Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Juventus Constructions M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 2 Indiabulls Natural M-62 &63, First Floor, U74991DL2006PLC Subsidiary % 2(87)(ii) Resources Limited Connaught Place, Company 3 Nilgiri Resources Limited M-62 &63, First Floor, U70101DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 4 Athena Buildwell Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 5 Ceres Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 21

24 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Ceres Properties Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 7 Diana Land Development M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 8 Fama Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 9 Juventus Estate Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 10 Juventus Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 11 Juventus Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 12 Lucina Buildwell Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 13 Lucina Constructions M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 14 Lucina Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 15 Selene Buildwell Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 16 Selene Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 17 Tefia Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 18 Vindhyachal M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Infrastructure Limited Connaught Place, Company 19 Zeus Estate Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 20 Amadis Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 22

25 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Indiabulls Estate Limited M-62 &63, First Floor, U45201DL2005PLC Subsidiary % 2(87)(ii) Connaught Place, Company 22 Indiabulls Infrastructure M-62 &63, First Floor, U45201DL2006PLC Subsidiary % 2(87)(ii) Projects Limited Connaught Place, Company 23 Indiabulls Engineering M-62 &63, First Floor, U45203DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 24 Athena Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 25 Athena Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 26 Ceres Constructions M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 27 Ceres Estate Limited M-62 &63, First Floor, U70109DL2006PTC Subsidiary % 2(87)(ii) Connaught Place, Company 28 Ceres Land Development M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 29 Diana Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 30 Fama Land Development M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 31 Fama Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 32 Fama Construction M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 33 Fama Estate Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 34 Hermes Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 35 Hermes Properties M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 23

26 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Ivonne Infrastructure M-62 &63, First Floor, U70101DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 37 Makala Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 38 Indiabulls Constructions M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 39 Lavone Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 40 Karakoram Buildwell M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 41 Kailash Buildwell M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 42 Aedos Real Estate M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Company Limited Connaught Place, Company 43 Kaltha Developers M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 44 Nilgiri Infrastructure M-62 &63, First Floor, U70101DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 45 Nilgiri Land Development M-62 &63, First Floor, U45201DL2005PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 46 Noble Realtors Limited M-62 &63, First Floor, U70101DL2003PLC Subsidiary % 2(87)(ii) Connaught Place, Company 47 Selene Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 48 Selene Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 49 Triton Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 50 Vindhyachal Developers M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 24

27 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Zeus Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 52 Zeus Properties Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 53 Indiabulls Land Holdings M-62 &63, First Floor, U45201DL2005PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 54 Nilgiri Lands Limited M-62 &63, First Floor, U45201DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 55 Indiabulls Commercial M-62 &63, First Floor, U45201DL2006PLC Subsidiary % 2(87)(ii) Estate Limited Connaught Place, Company 56 Nilgiri Land Holdings M-62 &63, First Floor, U45201DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 57 Nilgiri Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 58 Nilgiri Buildwell Limited M-62 &63, First Floor, U70101DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 59 Indiabulls Buildcon M-62 &63, First Floor, U70101DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 60 Indiabulls Lands Limited M-62 &63, First Floor, U70101DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 61 Nilgiri Infraestate M-62 &63, First Floor, U70101DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 62 Nilgiri Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Projects Limited Connaught Place, Company 63 Indiabulls Hotel M-62 &63, First Floor, U55101DL2006PLC Subsidiary % 2(87)(ii) Properties Limited Connaught Place, Company 64 Lakisha Developers M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 65 Lucina Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 25

28 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Galium Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 67 Selene Properties M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 68 Triton Properties Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 69 Fama Properties Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 70 Sylvanus Properties M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 71 Juventus Properties M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 72 Lucina Properties Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 73 Triton Estate Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 74 Karakoram Properties M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 75 Shivalik Properties Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 76 Vindhyachal Buildwell M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 77 Selene Estate Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 78 Lucina Estate Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 79 Triton Buildwell Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 80 Selene Constructions M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 26

29 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Zeus Buildwell Limited M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Connaught Place, Company 82 Athena Infrastructure M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 83 Vindhyachal Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 84 Flora Land Development M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 85 Indiabulls Industrial M-62 &63, First Floor, U45200DL2006PLC Subsidiary 89.01% 2(87)(ii) Infrastructure Limited Connaught Place, Company 86 Indiabulls Software M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Parks Limited Connaught Place, Company 87 Indiabulls Infratech M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 88 Lakisha Real Estate M-62 &63, First Floor, U70102DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 89 Manjola Real Estate M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 90 Indiabulls Commercial M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Properties Limited Connaught Place, Company 91 Indiabulls Road and M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Infrastructure Services Connaught Place, Company Limited 92 Manjola Infrastructure M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 93 Indiabulls Home M-62 &63, First Floor, U70109DL2007PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 94 Indiabulls Infraestate M-62 &63, First Floor, U70102DL2007PLC Subsidiary 89.92% 2(87)(ii) Limited Connaught Place, Company 95 Alexander Transport M-62 &63, First Floor, U60231DL2007PLC Subsidiary % 2(87)(ii) Solutions Limited Connaught Place, Company 27

30 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Maximus Entertainments M-62 & 63, First Floor, U74999DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 97 Nav Vahan Autotech M-62 & 63, First Floor, U35923DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 98 Angina Properties M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 99 Devona Properties M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 100 Sentia Real Estate M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 101 Sophia Real Estate M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 102 Sophia Constructions M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 103 Albina Real Estate M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 104 Airmid Properties M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 105 Albasta Properties M-62 & 63, First Floor, U45300DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 106 Varali Real Estate Limited M-62 & 63, First Floor, U70100DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 107 Varali Constructions M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 108 Citra Properties Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 109 Apesh Real Estate M-62 & 63, First Floor, U70109DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 110 Apesh Properties Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 28

31 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Apesh Constructions M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 112 Albina Properties Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 113 Corus Real Estate Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 114 IB Assets Limited B-4/221, Basement, U45201DL2006PLC Subsidiary % 2(87)(ii) Safdarjung Enclave, Company New Delhi Chloris Constructions M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 116 Fornax Constructions M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 117 Chloris Real Estate M-62 & 63, First Floor, U70109DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 118 IB Holdings Limited M-62 & 63, First Floor, U74120DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 119 Elena Properties Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 120 Elena Real Estate Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 121 Elena Constructions M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 122 Fornax Real Estate M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 123 Indiabulls Multiplex M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Services Limited Connaught Place, Company 124 Airmid Developers M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 125 Airmid Infrastructure M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 29

32 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Sentia Developers 112, Second Floor, U40300DL2007PLC Subsidiary % 2(87)(ii) Limited Uday Park, Company New Delhi Sentia Constructions M-62 & 63, First Floor, U27310DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 128 Citra Developers Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 129 Devona Developers M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 130 Indiabulls Realty M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Company Limited Connaught Place, Company 131 Indiabulls Projects M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 132 Indiabulls Housing M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 133 Lakisha Infrastructure M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 134 Lenus Real Estate Limited M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 135 Lenus Properties Limited M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 136 Lenus Constructions M-62 &63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 137 Indiabulls Property M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 138 Ivonne Real Estate M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 139 Sentia Infrastructure M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 140 Sepset Developers M-62 & 63, First Floor, U70109DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 30

33 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Varali Developers Limited M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 142 Paidia Infrastructure House No 104, U18204DL2007PLC Subsidiary % 2(87)(ii) Limited IIIrd Floor, BJ Block, Company Club Road, Shalimar Bagh, New Delhi Devona Infrastructure M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 144 Varali Infrastructure M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 145 Platane Infrastructure House no. 104, IIIrd Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited BJ Block, Club Road, Company Shalimar Bagh, New Delhi Mariana Constructions M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 147 Mariana Developers M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 148 Indiabulls Communication M-62 & 63, First Floor, U64204DL2007PLC Subsidiary % 2(87)(ii) Infrastructure Limited Connaught Place, Company 149 Indiabulls Housing and M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Land Development Connaught Place, Company Limited 150 Mariana Real Estate M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 151 Albasta Developers M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 152 Albasta Constructions M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 153 Albasta Infrastructure M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 154 Albasta Real Estate M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 31

34 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Angles Constructions M-62 & 63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 156 Lenus Infrastructure M-62 & 63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 157 Mariana Infrastructure M-62 & 63, First Floor, U70102DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 158 Mariana Properties M-62 & 63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 159 Lenus Developers Limited M-62 &63, First Floor, U70109DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 160 Indiabulls Developers M-62 & 63, First Floor, U45200DL2007PLC Subsidiary % 2(87)(ii) and Infrastructure Limited Connaught Place, Company 161 Ivonne Developers M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 162 Vonnie Real Estate House no. 104, IIIrd Floor, U45400DL2008PLC Subsidiary % 2(87)(ii) Limited BJ Block, Club Road, Company Shalimar Bagh, New Delhi Serida Infrastructure House no. 104, IIIrd Floor, U45400DL2008PLC Subsidiary % 2(87)(ii) Limited BJ Block, Club Road, Company Shalimar Bagh, New Delhi Serida Properties Limited M-62 &63, First Floor, U45400DL2008PLC Subsidiary % 2(87)(ii) Connaught Place, Company 165 Serida Constructions M-62 &63, First Floor, U45400DL2008PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 166 Ashkit Real Estate Limited M-62 &63, U45200DL2008PLC Subsidiary % 2(87)(ii) First Floor, Company Connaught Place, 167 Ashkit Properties Limited M-62 &63, U45200DL2008PLC Subsidiary % 2(87)(ii) First Floor, Company Connaught Place, 168 Ashkit Constructions B-4/221, Basement, U45200DL2008PLC Subsidiary % 2(87)(ii) Limited Safdurjung Enclave, Company New Delhi

35 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Mabon Constructions M-62 &63, First Floor, U45200DL2008PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 170 Mabon Properties Limited M-62 &63, First Floor, U45200DL2008PLC Subsidiary % 2(87)(ii) Connaught Place, Company 171 Mabon Infrastructure M-62 &63, First Floor, U45200DL2008PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 172 Mabon Real Estate M-62 &63, First Floor, U45200DL2008PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 173 Ashkit Developers Limited M-62 &63, First Floor, U45200DL2008PLC Subsidiary % 2(87)(ii) Connaught Place, Company 174 Mabon Developers M-62 &63, First Floor, U45400DL2008PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 175 Indiabulls Malls Limited M-62 &63, First Floor, U74900DL2008PLC Subsidiary % 2(87)(ii) Connaught Place, Company 176 Lorita Developers B-4/221, Basement U45400DL2008PLC Subsidiary % 2(87)(ii) Limited Safdarjung Enclave, Company New Delhi Milky Way Buildcon M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 178 Echo Facility Services M-62 &63, First Floor, U45209DL2008PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 179 Indiabulls Energy Limited M-62 &63, First Floor, U70101DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 180 Hecate Power and Land M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Development Limited Connaught Place, Company 181 Varali Properties Limited M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Connaught Place, Company 182 Aurora Builders and M-62 &63, First Floor, U70109DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 183 Linnet Infrastructure M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 33

36 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Linnet Constructions M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 185 Linnet Developers M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 186 Linnet Real Estate Limited M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Connaught Place, Company 187 Linnet Properties Limited M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Connaught Place, Company 188 Edesia Constructions M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 189 Edesia Developers M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 190 Edesia Infrastructure M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 191 Edesia Real Estate M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 192 Edesia Properties Limited M-62 &63, First Floor, U70101DL2011PLC Subsidiary % 2(87)(ii) Connaught Place, Company 193 Indiabulls Commercial M-62 &63, First Floor, U70101DL2011PLC Subsidiary % 2(87)(ii) Assets Limited (formerly Connaught Place, Company Indiabulls Commercial Builders Limited) 194 Indiabulls Infrabuild M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 195 Indiabulls Housing and M-62 &63, First Floor, U70101DL2011PLC Subsidiary % 2(87)(ii) Constructions Limited Connaught Place, Company 196 Indiabulls Real Estate M-62 &63, First Floor, U70102DL2011PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 197 Indiabulls Real Estate M-62 &63, First Floor, U70109DL2011PLC Subsidiary % 2(87)(ii) Builders Limited Connaught Place, Company 198 Parmida Developers M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 34

37 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Lorena Builders Limited M-62 &63, First Floor, U70109DL2011PLC Subsidiary % 2(87)(ii) Connaught Place, Company 200 Lorena Infrastructure M-62 &63, First Floor, U70109DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 201 Lorena Constructions M-62 &63, First Floor, U70109DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 202 Lorena Real Estate M-62 &63, First Floor, U70101DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 203 Parmida Properties M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 204 Lorena Developers M-62 &63, First Floor, U70101DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 205 Parmida Constructions M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 206 Parmida Infrastructure M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 207 Parmida Real Estate M-62 &63, First Floor, U70109DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 208 Majesta Developers M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 209 Nerissa Infrastructure M-62 &63, First Floor, U70109DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 210 Majesta Infrastructure M-62 &63, First Floor, U70102DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 211 Nerissa Developers M-62 &63, First Floor, U70109DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 212 Majesta Builders Limited M-62 &63, First Floor, U70102DL2011PLC Subsidiary % 2(87)(ii) Connaught Place, Company 213 Majesta Properties M-62 &63, First Floor, U70200DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 35

38 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Nerissa Real Estate M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 215 Majesta Constructions M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 216 Nerissa Properties Limited M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Connaught Place, Company 217 Nerissa Constructions M-62 &63, First Floor, U70100DL2011PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 218 Jwalaji Buildtech 3rd Floor, E - 35, U70100DL2012PLC Subsidiary % 2(87)(ii) Limited Shree Ganesh Complex, Company Chamber No 304, Jawahar Park, Laxmi Nagar, New Delhi Yashita Buildcon 3rd Floor, E - 35, U70109DL2012PLC Subsidiary % 2(87)(ii) Limited Shree Ganesh Complex, Company Chamber No 304, Jawahar Park, Laxmi Nagar, New Delhi Tapir Land Development M-62 &63, First Floor, U70102DL2014PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 221 Tapir Realty Developers M-62 &63, First Floor, U70102DL2014PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 222 Indiabulls Commercial M-62 &63, First Floor, U70100DL2014PLC Subsidiary % 2(87)(ii) Properties Management Connaught Place, Company Limited (formerly Serpentes Buildwell Ltd) 223 Serpentes Builders and M-62 &63, First Floor, U70102DL2014PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 224 Cobitis Real Estate M-62 &63, First Floor, U70101DL2014PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 225 Loon Infrastructure M-62 &63, First Floor, U70101DL2014PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 226 Serpentes Constructions M-62 &63, First Floor, U70109DL2014PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 36

39 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Loon Land Development M-62 &63, First Floor, U70109DL2014PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 228 Tapir Constructions M-62 &63, First Floor, U70200DL2014PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 229 Cobitis Buildwell Limited M-62 &63, First Floor, U70109DL2014PLC Subsidiary % 2(87)(ii) Connaught Place, Company 230 Brenformexa Limited 77 Strovolos Av., Foreign Company Subsidiary % 2(87)(ii) Strovolos Center, Company Off.204, 2018 Strovolos, Nicosia, Cyprus 231 Foundvest Limited 77 Strovolos Av., Foreign Company Subsidiary % 2(87)(ii) Strovolos Center, Company Off.204, 2018 Strovolos, Nicosia, Cyprus 232 Shoxell Holdings Limited 77 Strovolos Av., Foreign Company Subsidiary % 2(87)(ii) Strovolos Center, Company Off.204, 2018 Strovolos, Nicosia, Cyprus 233 Arianca Limited 77 Strovolos Av., Foreign Company Subsidiary % 2(87)(ii) Strovolos Center, Company Off.204, 2018 Strovolos, Nicosia, Cyprus 234 Indiabulls Property 38 Beach Road, Foreign Company Subsidiary % 2(87)(ii) Management Trustee #29-11 South Beach Tower, Company Pte. Ltd. Singapore Dev Property Merchants House, Foreign Company Subsidiary % 2(87)(ii) Development Limited 24 North Quay, Douglas, Company Isle of Man IM1 4LE 236 Ariston Investments The Junction Business Foreign Company Subsidiary % 2(87)(ii) Limited Hub, Arsenal Branch Company Road, Calebasses, Mauritius 237 Ariston Investments The Junction Business Foreign Company Subsidiary % 2(87)(ii) Sub C Limited Hub, Arsenal Branch Company Road, Calebasses, Mauritius 238 Grapene Limited 77 Strovolos Av., Foreign Company Subsidiary % 2(87)(ii) Strovolos Center, Company Off.204, 2018 Strovolos, Nicosia, Cyprus 239 IPMT Limited 73 Brook Street, Foreign Company Subsidiary % 2(87)(ii) Mayfair, Company London, W1K4HX 37

40 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, Nesoi Limited 12 Castle Street, Foreign Company Subsidiary % 2(87)(ii) St Helier, Jersey JE2 3RT Company 241 Century Limited 12 Castle Street, Foreign Company Subsidiary % 2(87)(ii) St Helier, Jersey JE2 3RT Company 242 Titan Limited 12 Castle Street, Foreign Company Subsidiary % 2(87)(ii) St Helier, Jersey JE2 3RT Company 243 Rhea Limited 12 Castle Street, Foreign Company Subsidiary % 2(87)(ii) St Helier, Jersey JE2 3RT Company 244 Eros Limited 12 Castle Street, Foreign Company Subsidiary % 2(87)(ii) St Helier, Jersey JE2 3RT Company 245 Grand Limited 12 Castle Street, Foreign Company Subsidiary % 2(87)(ii) St Helier, Jersey JE2 3RT Company 246 Indiabulls Properties 38 Beach Road, Business Trust of Singapore Subsidiary 54.95% 2(87)(ii) Investment Trust #29-11 South Beach Company Tower, Singapore Indiabulls Infrastructure M-62 &63, First Floor, U74899DL2005PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 248 Airmid Real Estate M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 249 Sepset Real Estate M-62 &63, First Floor, U45400DL2007PLC Subsidiary % 2(87)(ii) Limited Connaught Place, Company 250 Kenneth Builders & M-62 &63, First Floor, U45201DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 251 Catherine Builders & M-62 &63, First Floor, U45201DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 252 Bridget Builders and M-62 &63, First Floor, U45201DL2006PLC Subsidiary % 2(87)(ii) Developers Limited Connaught Place, Company 253 M Holdco 1 Limited 5th Floor, Foreign Company Subsidiary 54.95% 2(87)(ii) Ebene Esplanade 24, Company Cybercity, Ebene, Mauritius 254 M Holdco 2 Limited 5th Floor, Foreign Company Subsidiary 54.95% 2(87)(ii) Ebene Esplanade 24, Company Cybercity, Ebene, Mauritius 255 M Holdco 3 Limited 5th Floor, Ebene Foreign Company Subsidiary 54.95% 2(87)(ii) Esplanade 24, Company Cybercity, Ebene, Mauritius 38

41 ANNEXURE-3 (Contd.) Sl. Name of Address CIN/GLN Holding/ % of Applicable No. the Company Subsidiary/ Shares Section of Associate held the (Directly/ Companies Indirectly) Act, FIM Holdco I Limited 5th Floor, Foreign Company Subsidiary 54.95% 2(87)(ii) Ebene Esplanade 24, Company Cybercity, Ebene, Mauritius 257 FIM Holdco II Limited 5th Floor, Foreign Company Subsidiary 54.95% 2(87)(ii) Ebene Esplanade 24, Company Cybercity, Ebene, Mauritius 258 Ariston Investments 5th Floor, Foreign Company Subsidiary 54.95% 2(87)(ii) Sub A Limited Ebene Esplanade 24, Company Cybercity, Ebene, Mauritius 259 Ariston Investments 5th Floor, Foreign Company Subsidiary 54.95% 2(87)(ii) Sub B Limited Ebene Esplanade 24, Company Cybercity, Ebene, Mauritius 260 Indiabulls Properties M-62 &63, First Floor, U45201DL2005PTC Subsidiary 54.95% 2(87)(ii) Private Limited Connaught Place, Company 261 Indiabulls Real Estate M-62 &63, First Floor, U70101DL2005PTC Subsidiary 54.95% 2(87)(ii) Company Private Limited Connaught Place, Company 262 Indiabulls Realty M-62 &63, First Floor, U70109DL2010PLC Subsidiary 54.95% 2(87)(ii) Developers Limited Connaught Place, Company 263 Navilith Holdings Limited 77 Strovolos Av., Foreign Company Subsidiary 54.95% 2(87)(ii) Strovolos Center, Company Off. 202, 2018 Strovolos, Nicosia, Cyprus 264 India Land and Plot No.14, U31200TN2000PLC Subsidiary 100% 2(87)(ii) Properties Limited 3rd Main Road, Company Ambattur Industrial Estate, Ambattur, Chennai

42 IV SHAREHOLDING PATTERN (i) Equity Share capital Break up as % to total Equity Category of No. of Shares held at the beginning No. of Shares held at the end % Change Shareholders of the year of the year during the year Demat Physical Total % of Demat Physical Total % of Total Total Shares Shares A. Promoters (1) Indian a) Individual/HUF b) Central Govt c) State Govt d) Bodies Corporate e) Bank/FI f) Any other (IBREL-IBL Scheme Trust) SUB TOTAL:(A) (1) * (2) Foreign a) NRI- Individuals b) Other Individuals c) Bodies Corporate d) Banks/FI e) Any other SUB TOTAL (A) (2) Total Shareholding of Promoter (A)= (A)(1)+(A)(2) B. PUBLIC SHAREHOLDING (1) Institutions a) Mutual Funds b) Banks/FI c) Central govt d) State Govt e) Venture Capital Funds f) Insurance Companies g) Foreign Institutional Investors/Foreign Portfolio Investors h) Foreign Venture Capital Funds i) Others (specify) SUB TOTAL (B)(1): (2) Non Institutions a) Bodies corporate *Cumulative effect of Conversion of Warrants and Buyback of equity shares by the Company, during the year. 40

43 IV SHAREHOLDING PATTERN (Continued) (i) Equity Share capital Break up as % to total Equity Category of No. of Shares held at the beginning No. of Shares held at the end % Change Shareholders of the year of the year during the year Demat Physical Total % of Demat Physical Total % of Total Total Shares Shares i) Indian ii) Overseas b) Individuals i) Individual shareholders holding nominal share capital upto `1 lakh ii) Individual shareholders holding nominal share capital in excess of ` 1 lakh c) Others (specify) i) Other Foreign Entities ii) Non-Resident Indians iii) Clearing Member iv) HUFs v) NBFCs regd. with RBI SUB TOTAL (B)(2): Total Public Shareholding (B)= (B)(1)+(B)(2) C. Shares held by Custodian for GDRs & ADRs Promoter and Promoter Group Public Grand Total (A+B+C)

44 (ii) SHAREHOLDING OF PROMOTERS Sl. Shareholder s Shareholding at the Shareholding at the % Change in No. Name beginning of the year end of the year share holding during the year No. of % of total % of shares No. of % of % of shares shares shares of the Pledged/ Shares total shares pledged/ company encumbered of the encumbered to total company to total shares shares 1 Sameer Gehlaut 1,200, ,200, Kritikka Infrastructure Private Limited 39,987, ,987, Jyestha Infrastructure Private Limited 49,755, ,755, Powerscreen Media Private Limited 11,600, ,600, Dahlia Infrastructure Private Limited 15,300, ,300, SG Infralands Private Limited 20,000, ,600, SG Devbuild Private Limited 16,700, ,700, IBREL-IBL Scheme Trust 42,500, ,500, Karanbhumi Estates Private Limited Meru Minerals Private Limited Galax Minerals Private Limited Total 197,043, ,643, * *Cumulative effect of Conversion of Warrants and Buyback of equity shares by the Company, during the year. 42

45 (iii) CHANGE IN PROMOTERS' SHAREHOLDING (SPECIFY IF THERE IS NO CHANGE) Sl. No. Shareholding at the Cumulative Shareholding beginning of the Year during the year No. of Shares % of total No. of shares % of total shares of the shares of the company company At the beginning of the year 197,043, Date wise increase/decrease in # # Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/ transfer/bonus/sweat equity etc)# At the end of the year 240,643, # Date wise increase/decrease in Promoters Share holding Sl. Name Shareholding Date Increase/ Reason Cumulative No. (Decrease) Shareholding during in share- the year ( holding to ) No. of % of total No. of % of total Shares at the shares of Shares shares beginning the of the ( )/ Company Company end of the year ( ) 1 Sameer Gehlaut 1,200, Apr-16 1,200, Mar-17 1,200, Kritikka Infrastructure 39,987, Apr-16 Private Limited 39,987, Mar-17 39,987, Jyestha Infrastructure 49,755, Apr-16 Private Limited 49,755, Mar-17 49,755, Powerscreen Media 11,600, Apr-16 Private Limited 11,600, Mar-17 11,600, Dahlia Infrastructure 15,300, Apr-16 Private Limited 15,300, Mar-17 15,300, SG Infralands Private Limited 20,000, Apr Apr-16 23,600,000 Conversion 43,600, of Warrants 43,600, Mar-17 43,600, SG Devbuild Private Limited 16,700, Apr Apr-16 20,000,000 Conversion 36,700, of Warrants 36,700, Mar-17 36,700,

46 Sl. Name Shareholding Date Increase/ Reason Cumulative No. (Decrease) Shareholding during in share- the year ( holding to ) No. of % of total No. of % of total Shares at the shares of Shares shares beginning the of the ( )/ Company Company end of the year ( ) 8 IBREL-IBL Scheme Trust 42,500, Apr-16 42,500, Mar-17 42,500, Karanbhumi Estates Apr-16 Private Limited Mar Meru Minerals Private Limited Apr Mar Galax Minerals Private Limited Apr Mar

47 (iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters & Holders of GDRs & ADRs) $ Sl. Name Shareholding at the Shareholding at the end No. beginning of the Year of the year No. of Shares % of total No. of shares % of total shares of the shares of the Company Company 1 MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. S.V. # YANTRA ENERGETICS PRIVATE LIMITED* GLOBAL STRONG GROWTH FUND # THE WELLINGTON TRUST COMPANY NATIONAL ASSOCIATION MULTIPLE COMMON TRUST FUNDS # # SWISS FINANCE CORPORATION (MAURITIUS) LIMITED # # MERRILL LYNCH MARKETS SINGAPORE PTE. LTD # # MORGAN STANLEY MAURITIUS COMPANY LIMITED ## LAUREL ENERGETICS PRIVATE LIMITED * SHINE STAR BUILD CAP PVT LTD * MORGAN STANLEY ASIA (SINGAPORE) PTE. # JASOL INVESTMENT AND TRADING CO. PVT. LTD. * JOINDRE FINANCE PRIVATE LIMITED* MAHIMA STOCKS PRIVATE LIMITED # CLETA BUILDERS PRIVATE LIMITED* # Top 10 Shareholder as on April 1, 2016 only ## Top 10 Shareholder as on March 31, 2017 only * Top 10 Shareholder as on April 1, 2016 and March 31, 2017 $ 99.99% of paid-up Equity Share Capital of the Company are held in dematerialised form. These are traded on a daily basis at BSE & NSE and hence, the date wise increase / decrease in shareholding is not indicated. 45

48 (v) Shareholding of Directors & KMP A) Shareholding of Directors Sl. Name Shareholding Date Increase/ Reason Cumulative No. (Decrease) Shareholding during in share- the year ( holding to ) No. of % of total No. of % of total Shares at the shares of Shares shares beginning the of the ( )/ Company Company end of the year ( ) 1 Mr. Sameer Gehlaut, 1,200, Apr-16 Chairman and Promoter Director 1,200, Mar-17 1,200, Mr. Narendra Gehlaut, 1,200, Apr-16 Executive Vice Chairman 1,200, Mar-17 1,200, Mr. Vishal Gaurishankar Apr-16 Damani, Joint Managing Director Mar Mr. Gurbans Singh, Apr-16 Joint Managing Director 12-Sep ,000 Allotment of shares under ESOP 20-Sep-16 (120,000) Sale of ESOP Shares Mar Mr. Ashok Brijmohan Kacker, 210, Apr-16 Non Executive Director 210, Mar , Justice Surinder Singh Nijjar, Apr-16 Independent Director (Ceased to be the Director w.e.f. 28-Sep-2016) * 31-Mar-17 * 7 Justice Bisheshwar Prasad Apr-16 Singh, Independent Director Mar Mrs. Rama Das, Independent Apr-16 Director (Ceased to be the Director w.e.f. 28-Sep-2016) * 31-Mar-17 * 9 Mr. Shamsher Singh Ahlawat, Apr-16 Independent Director Mar Mr. Aishwarya Katoch, Apr-16 Independent Director Mar Brig. Labh Singh Sitara, Apr-16 Independent Director Mar Justice Mrs. Gyan Sudha Misra, Apr-16 Independent Director (Appointed w.e.f. 29-Sep-2016) Mar *Ceased to be Director during FY

49 B) Shareholding of KMP Sl. Name Shareholding Date Increase/ Reason Cumulative No. (Decrease) Shareholding during in share- the year ( holding to ) No. of % of total No. of % of total Shares at the shares of Shares shares beginning the of the ( )/ Company Company end of the year ( ) 1 Mr. Anil Mittal, CFO Apr May-16 30,000 Allotment of shares under ESOP 31-May-16 to (30,000) Sale of ESOP 10-Jun-16 Shares 12-Sep-16 56,000 Allotment of shares under ESOP 20-Sep-16 (56,000) Sale of ESOP Shares Mar Mr. Ravi Telkar, 28, Apr-16 Company Secretary 20-May-16 56,000 Allotment of shares under ESOP 84, Mar-17 84,

50 V INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment Amount (in `) Secured Loans Unsecured Deposits Total excluding Loans Indebtedness deposits Indebtness at the beginning of the financial year i) Principal Amount 28,245,181,194 2,499,800,000-30,744,981,194 ii) Interest due but not paid iii) Interest accrued but not due 707,334, ,334,885 Total (i+ii+iii) 28,952,516,079 2,499,800,000-31,452,316,079 Change in Indebtedness during the financial year Additions 6,758,983,166 14,021,925,357-20,780,908,523 Reduction (8,180,558,722) (8,568,712,799) - (16,749,271,521) Net Change (1,421,575,556) 5,453,212,558-4,031,637,002 Indebtedness at the end of the financial year i) Principal Amount 26,721,104,216 7,819,100,000-34,540,204,216 ii) Interest due but not paid iii) Interest accrued but not due 809,836, ,912, ,748,865 Total (i+ii+iii) 27,530,940,523 7,953,012,558-35,483,953,081 VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole time director and/or Manager: Sl. Particulars of Remuneration paid during Name of the MD/WTD/Manager Amount (in `) No. the tenure 1 Gross salary Mr. Narendra Mr. Gurbans Mr. Vishal Total Amount Gehlaut Singh G. Damani (a) Salary as per provisions contained in section 17(1) of the Income Tax (b) Value of perquisites u/s 17(2) of the Income tax Act, 1961* (c) Profits in lieu of salary under section 17(3) of the Income Tax Act, Stock option Sweat Equity Commission as % of profit others (specify) Others, please specify Total (A) Ceiling as per the Act ` lakhs (As per section 197 and 198 read with Schedule V of the Companies Act, 2013) * Excludes value of perquisites on exercise of Stock Options 48

51 B. Remuneration to other directors: Sl. Particulars of Remuneration paid Name of the Directors Amount (in `) No. during the tenure 1 Independent Directors Mr. Aishwarya Mr. Shamsher Brig. Labh Justice Surinder Justice Bisheshwar Mrs. Rama Justice Mrs. Gyan Total Katoch Singh Ahlawat Singh Sitara Singh Nijjar $ Prasad Singh Das $ Sudha Misra^ Amount (a) Fee for attending board committee meetings 500, , , , , ,000 2,600,000 (b) Commission (c ) Others, please specify Total (1) 500, , , , , ,000 2,600,000 2 Other Non Executive Directors Mr. Sameer Gehlaut Mr. Ashok Kacker (a) Fee for attending board committee meetings (b) Commission (c ) Others, please specify. Total (2) Total (B)=(1+2) 2,600,000 2,600,000 Total Managerial Remuneration NIL (excluding sitting fees of ` 2,600,000) Overall Ceiling as per the Act. `39.91 Lakhs (As per section 197 and 198 read with Schedule V of the Companies Act, 2013) $ Ceased to be Director w.e.f. 28-Sep-2016 ^ Appointed w.e.f. 29-Sep-2016 C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD Sl. No. Particulars of Remuneration Key Managerial Personnel Amount (in `) 1 Gross Salary CEO Mr. Anil Mittal, Mr. Ravi Telkar, Total Amount (Not Applicable) CFO Company Secretary (a) Salary as per provisions contained in section 17(1) of the Income Tax Act, ,072,520 5,072,520 (b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961* (c) Profits in lieu of salary under section 17(3) of the Income Tax Act, Stock Option Sweat Equity Commission as % of profit others, specify Others, please specify Total - - 5,072,520 5,072,520 *Excludes value of perquisites on exercise of Stock Options 49

52 VII PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES Type Section of the Brief Description Details of Penalty/ Authority Appeal made Companies Act Punishment/ (RD/ NCLT/ if any Compounding Court) (give details) fees imposed A. COMPANY Penalty Punishment Compounding B. DIRECTORS Penalty Punishment Compounding C. OTHER OFFICERS IN DEFAULT Penalty Punishment Compounding NA NA NA NA NA NA NA NA NA 50

53 ANNEXURE 4 Disclosures on Managerial Remuneration Details of remuneration as required under Rule 5.1 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, are as under: 1. Ratio of the remuneration of each director to the median employees' remuneration, for FY Name and Designation Ratio of remuneration to the median employees remuneration N.A. N.A. No remuneration was paid to any Executive Director(s), from the Company, during the Financial Year and hence, not forming part of this clause. 2. Percentage increase in remuneration of each director and Key Managerial Personnel, in FY Name and Designation Increase in Remuneration (%) Company Secretary No change No remuneration was paid to any Director(s) and other KMP(s), from the Company, during the Financial Year , hence not forming part of this clause. 3. The percentage increase in the median remuneration of employees in the FY The percentage increase in the median remuneration of all the employees (including KMP(s),if any), computed on the basis of median remuneration for FY and FY was 32.25%. 4. Number of permanent employees on the rolls of Company The Company had 25 permanent employees on its rolls, as of March 31, Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration The average percentile increase made in the salaries of total employees other than the key managerial personnel, for FY is 23.29%, while the average increases in the remuneration of key managerial personnel is 0.00%. This increment is in line with the factors outlined above. The Company reiterates that there were no exceptional circumstances which warranted an increase in managerial remuneration, which was not justified, by the overall performance of the Company. It is hereby affirmed that the aforesaid remuneration paid by the Company, is as per the Remuneration Policy for Directors, Key Managerial Personnel and other employees of the Company. 51

54 MANAGEMENT DISCUSSION AND ANALYSIS REPORT ECONOMIC AND INDUSTRY REVIEW With the projected Annual Growth Rate of 7.2% during the year, the Indian economy is amongst the fastest growing economies of the World. As one of the largest contributors to India s GDP, accounting for around 8%, the construction sector generates the highest level of direct and indirect employment for about 40 million people and creates 2.7 new jobs indirectly for every lakh invested. The demand for housing remains robust with strong demographic drivers like a young and expanding working population, rising urbanization, and increasing nuclearisation of families. An already existing urban housing shortage makes this demand all the more pronounced. The surging liquidity into formal channels led to a steep drop in home loan rates thereby increasing affordability. Commercial office space absorption was at an alltime high. The demand was robust across key micro-markets, and also sectorally broad-based. Resultantly, office vacancy slipped to an eight-year low. The much-awaited Real Estate (Regulation and Development) Act, 2016 (RERA) came into effect from May 1st, 2017 for protecting the interests of consumers, and promoting the growth of real estate sector in an Mr. Narendra Gehlaut Vice Chairman environment of trust, confidence, and transparency. It will ensure developers get their projects registered with RERA, before sale commencement and only after obtaining all necessary clearances/approvals. It will further boost foreign/ domestic investment due to improved transparency. The long-awaited and transformational Goods and Services Tax (GST) amendment was rolled out on July 1st, GST will create a common Indian market and is widely expected to improve tax compliance, boost investment and growth, and improve supply chain efficiency. The Securities and Exchange Board of India (SEBI) had notified the regulations that will govern real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). It will create a new investment avenue for institutions, high net worth individuals, and investors. Residential Real Estate sector went through a critical transformational phase post demonetisation. The surging liquidity into formal channels led to a steep drop in home loan rates. It will increase participation from institutional players as the operating environment became more transparent. The Government has initiated many infrastructure developments in Mumbai & MMR - Mumbai Metro - different Phases Navi Mumbai International Airport Mumbai Trans Harbour Link Coastal Road NHAI has granted a National Highway status to the Northern Peripheral Road (Dwarka Expressway). It is a major growth impetus for projects along the arterial road. OUTLOOK: India has attracted a record US$ 5.7 Bn in FDI Inflow in real estate, besides receiving US$ 32 Bn in PE funding. The nation has shot to the top of the list of preferred destinations for real-estate investment in the eyes of major institutional investors. Increased consolidation, transparency, Infrastructure Development and the launch of REITs (Real Estate Investment Trusts) will further accelerate investment into India. Land does not equal to Real Estate Development will be the realty. The Real Estate (Regulation & Development) Act, 2016, will ensure that the developers avoid delays in project completion. The RERA Act will definitely impact unorganized developers, however it will be a positive differentiator for the organized players, like Indiabulls Real Estate Limited, who have the financial discipline, launch projects only after requisite approvals, and have a track 52

55 MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Contd.) record of timely completion of projects. It will open up new JV partnership opportunities between land owners, and established real estate companies. All these major reforms will benefit established players, with proven track record. Outlook: Commercial Real Estate Increased participation by Foreign Institutional Investors. Limited Supply pushing up Rentals in key micro-markets. Operating Model shifted from Sales to Lease and maintenance. Increased Demand from BFSI, IT/ITes & other sectors. Outlook: Residential Real Estate Demand for projects with key micro-market differentiators. Increased partnership between land owners & established real estate developers. Demand for Projects with infrastructure proximity. COMPANY S BUSINESS OVERVIEW Indiabulls Real Estate is one of the largest real estate companies in India with Net worth of ` 5,480 crores,with a welldiversified presence in both commercial and residential real estate development and has projects across the price spectrum, from mid-income, premium to the super luxury space. Geographically, the company s strategic focus is in key markets of Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Chennai in India. In addition, all our projects benefit from surrounding infrastructure developments like the Mumbai Metros, Dwarka Expressway, Trans-harbour sea link, Navi Mumbai International Airport, etc. Rental Property Portfolio Highlights One of the largest city-centre commercial portfolio in the financial capital of India aggregating to 4.89 million sq. ft. Unique tenant base with 200+ marquee tenants generating ` 692 Cr Annuity revenue. Substantial embedded growth through: Other 4 office developments currently under progress reaching to ` 1,357 Cr Annuity revenue. Meaningful rent reversions given a sizeable area are currently under-rented. Standard contractual escalations. Property Leasable Area Projected Annuity (Mn. sq. ft.) Revenue in FY (` cr) Completed Properties Indiabulls Finance Centre and One Indiabulls Centre, Mumbai One Indiabulls Park, Chennai Total Properties under construction & in Planning/Approval Process Indiabulls commercial development at Indiabulls Finance Centre site at Mumbai Indiabulls commercial development at Blu site at Mumbai Indiabulls Mint, Sector 104, Gurugram Indiabulls commercial development at Sector 106, Gurugram Total Grand Total ,357 53

56 MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Contd.) Residential Property Portfolio Highlights 15 ongoing projects with total Saleable area of million sq. ft. with Gross Development Value ` 32,189 Cr. 53.7% of the Inventory aggregating to ` 15,479 Cr sold. Handover started for 4 projects, and additional 5 projects to start within the next 4 to 5 quarters. Project Location Area (Mn. sq. ft.) Gross Development Value (` Cr) Blu Estate & Club, Worli Mumbai ,866 Indiabulls Greens, Panvel Mumbai ,423 Indiabulls Golf City, Savroli Mumbai ,229 Centrum Park, Gurugram NCR Enigma, Gurugram NCR ,116 Indiabulls Greens, Chennai Chennai Indiabulls City, Sonepat NCR One Indiabulls, Gurugram NCR ,744 One Indiabulls, Vadodara Vadodara Indiabulls One 09 Gurugram Mega Mall, Jodhpur Jodhpur Indiabulls Seirra, Vizag Vizag One Indiabulls Thane Mumbai ,616 Sky Forest Mumbai ,827 Hanover Bond, Mayfair London ,805 Total ,189 Impetus to Gurugram Projects- NHAI has recently granted a National Highway Status to the Northern Peripheral Road (Dwarka Expressway). It is a major growth impetus for projects along the arterial road. It will serve as a major alternate route between Delhi and Gurugram. For almost entire portfolio of under construction projects, key approvals (including municipal and land development) are already in place and all residential projects are RERA registered and compliant. Stake Acquisitions & Joint Development Acquisition of units of Indiabulls Properties Investment Trust, a SGX-ST listed business trust ( IPIT ) - Company s holding (through its subsidiaries) in IPIT has increased from 47.51% to 54.95% pursuant to acquisition of additional units by Grapene Limited, an indirect wholly-owned subsidiary of the Company. Joint Development Agreement - The Company, through one of its subsidiary, had entered into a Joint Development Agreement with Oricon Properties Pvt. Ltd, for development of 7,810 sq. mtrs. plot situated at Dr. E. Moses Road, Worli, Mumbai , adjoining to its marque project Blu Estate & Club. Receipt of refund from DDA and acquisition of entire stake of JV partner in Indiabulls Infrastructure Limited (IIL) - The Company acquired FIM s entire stake of approx. 74% in IIL, for ` 382 crores, making IIL a wholly owned subsidiary of the Company. Kenneth Builders & Developers Pvt Ltd, a wholly owned subsidiary of IIL, was refunded ` 701 crores, net of TDS, (being the auction price, along with interest, of the land situated at Village Tehkhand, New Delhi, earlier allotted by DDA for development of residential project). The Company has acquired the entire stake in India Land and Properties Ltd, for ` 685 crore, thereby owning a commercial complex of 3 towers with a total constructed area of 2.67 million sq. ft. and leasable area of about 2 million sq. ft. spread over 8.84 acres in Chennai. 54

57 The Company has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Limited (IIL), from ILFS Fund entities for a total consideration of ` Cr. With this acquisition, IIL has become a wholly owned subsidiary of the Company. Land Bank key to future profitability The company has fully paid land bank of 1,046 acres in key cities across India, of which more than 95% of the Land Bank is in high value supermetro cities Mumbai (MMR), National Capital Region (NCR) and Chennai, and which is sufficient for proposed development over the next 5-7 years. In addition to the said land bank of 1,046 acres, the Company also possesses 2,588 acres of SEZ land in Nashik, Maharashtra. COMPETITIVE STRENGTHS Strong brand recognition creating value to the projects The Company is a part of the Indiabulls Group, one of the country s leading business houses with business interests in several businesses, from financial services to real estate development. The Company believes that the brand recognition and trust associated with the brand Indiabulls has a cascading effect on company s real estate business and this allows the company to Mr. Gurbans Singh Joint Managing Director attract customers and also command a premium in the marketplace. As a testimony to its brand promise, the Company and its projects have been awarded following awards: 1. Developer of the Year (Residential) National Awards for Marketing Excellence (Excellence in Real Estate & Infrastructure), 2017 (Indiabulls Real Estate) 2. Developer of the Year (Luxury) National Awards for Marketing Excellence (Excellence in Real Estate & Infrastructure), 2017 (Indiabulls Real Estate) 3. Luxury Project of the Year National Awards for Marketing Excellence (Excellence in Real Estate & Infrastructure), 2017 (Blu Estate & Club) 4. Luxury Project of the Year West 9th Annual Estate Awards, 2017 (BLU Estate & Club) 5. Residential Property of the Year The Golden Globe Tigers, 2016 (BLU Estate & Club) 6. Most Admired Upcoming Project of the Year The Golden Globe Tigers, 2016 (Golf City) 7. India s Most Trusted Real Estate Company India s Most Trusted Brand, 2016 (Indiabulls Real Estate) 8. Best Commercial Property CNBC Awards (Indiabulls Real Estate) 9. Developer of the Year Excellence in Real Estate & Infrastructure (Indiabulls Real Estate) 10. Nominated NDTV Property Awards (Indiabulls Finance Centre) 11. Residential Property of the Year ABP News Real Estate Awards (BLU Estate & Club) 12. Gold Rating Leadership in Energy and Environmental Design (One Indiabulls Centre & Indiabulls Finance Centre) 13. Developer of the Year (Luxury) ABP News Real Estate Awards 14. Best Golf Development Asia Pacific Property Award (Golf City, Savroli) 15. Best Ultra Luxury Residential Development, Mumbai ALREN Luxury Real Estate Awards, 2016 (BLU Estate & Club) 16. Luxury Residential Developer, Western Region, Mumbai ALREN Luxury Real Estate Awards, Best Ultra Luxury Residential Development, Mumbai ALREN Luxury Real Estate Awards 2016 (Sky Forest) 18. Most Admired Upcoming Project of the Year Excellence in Real Estate & Infrastructure (Indiabulls Park) 19. DNA Real Estate & Infrastructure Awards, 2016 at Mumbai Residential Property of the Year (Sky) 20. DNA Real Estate & Infrastructure Awards, 2016 at Mumbai Luxury Property of the Year (BLU Estate & Club) 21. DNA Real Estate & Infrastructure Awards, 2016 at Mumbai Residential Project of the Year (Golf City) 55

58 Our credit rating a reflection of sound financials The Company has maintained its long term credit rating of AA-, amongst the highest rated listed companies in the Indian real estate industry peer group. The Company has also retained A1+ rating for its short-term debt, which is the highest rating that can be assigned for short-term debt. With this the Company enjoys ease and most favorable terms on the loans/facilities being availed from the Banks/Financial Institutions. The ratings are the manifestation of the Company s strong fundamentals, low gearing and execution track record and mirror its long term growth prospects. Proven Track Record of Sales The Company has achieved more than 18.8 million sq. ft. of sales since 2010 Cumula ve Area sold (Mn sq ) FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 Track record of delivery The Company has a track record of fastest and largest delivery in value terms, and enjoys high confidence of the investors and customers in view of its execution and quality delivery. The Company has so far delivered over 6 million sq. ft. of residential and commercial space, in projects listed below: (a) One Indiabulls Centre, Mumbai (b) Indiabulls Finance Centre, Mumbai (c) Indiabulls Sky, Mumbai (d) Mint, Thane (e) Indiabulls Greens, Panvel (f) Centrum Park, Gurugram (g) Indiabulls Centrum, Madurai (h) Vatika, Ahmedabad (i) Mega Mall, Vadodara (j) Indiabulls Greens, Chennai In addition, we have applied for Part Occupation Certificate of completed towers of Centrum Park, Enigma projects, Indiabulls Golf City, Savrolli. High demand locations of the projects key driver of our growth story The Company has more than 95% of its portfolio in Indian key locations i.e. Mumbai (MMR), Delhi (NCR) and Chennai, and in prime-central London. The Company s commercial developments are located in areas that are attractive to corporate and multinational clients. The locations of the Projects provide a strong basis for the success of its core property-development business and a platform from which it can further expand its related business such as project management and investment advisory services. Company possesses these lands with no outstanding amounts of due 56

59 to be paid. The strategic location and clear title of these land parcels puts us in a position to be ready to take advantage of any changes in the market conditions, regulatory environment and the overall demand. Diversified Portfolio: Gross Development Value Spread across segments The Company s ongoing projects have an optimum mix of different categories and are a testimony of Company s diversified portfolio of superpremium category, premium category & mid income category. Gross Development Value - Spread across locations: The Company s ongoing projects are spread across Indian key locations i.e. Mumbai (MMR), Delhi (NCR) and Chennai and in prime-central London. Execution capabilities The Company has put together an experienced team that has strong capabilities in various aspects of project execution, as well as in-depth knowledge of the localities in which the Company is developing projects. Our highly professional business approach and a very adept technical and design team handpicked from across the world, ensures most efficient and Mr. Vishal Damani top quality development. The company has the personnel and technology Joint Managing Director enabled internal systems to successfully manage large construction projects with on time delivery. International safety equipment like edge protection system, etc. are used and paramount importance is given to safety in all phases of construction. Quality construction Highest quality construction is the key driver for achieving the long term results. The Company employs the most advanced construction equipment, cutting-edge technologies like advanced jump form technology, advanced vertical transportation system, wind tunnel engineering and also finest quality raw materials. STRATEGY The Key elements of the Company s strategy include: Focus on super metros More than 95% of the Company s portfolio is in Super-Metro Cities i.e. Mumbai Metro Region, National Capital Region and Chennai. Both the Commercial & Residential projects are located in the areas of high growth, and with infrastructure connectivity. The Company will continue to focus on the areas which have high demand for both the residential and commercial. Enhance Annuity Revenue The Company shall increase the Annuity revenue from ` 692 Cr to ` 1,357 Cr by leveraging its existing tenant relationships with 200+ marquee tenants, and completion of 4 ongoing projects in Mumbai & Gurugram. Growth of business through JV Developments The Company further plans growth of business through JV developments with land owners without incurring significant upfront land acquisition costs. In addition, the Company has 1,046 acres of land bank to drive further growth. Unsold inventory of existing projects renders visibility on future cash-flows and revenue During the year under review, Company s various existing projects gained momentum, while the Company launched several new ones at strategic locations. Significant inventory of existing projects, including the freshly launched new phases in some of the large projects,has been sold. These projects are generating very good response. The projects, expected to be delivered in coming years have been steadily appreciating in terms of price realization for all incremental sales. 57